Per a press release via the Princess Grace Foundation-USA regarding the awards:

“The Princess Grace Foundation-USA, a public charity, was formed after the death of Princess Grace in 1982. They present scholarships, apprenticeships, and fellowships to assist artists at the start of their careers.

The Foundation has cultivated a diverse group of nearly 600 artists to date who continue to advance the spectrum of performing arts with innovative, cutting-edge, and vibrant theater, dance, choreography, film, playwriting and design. Since the Foundation’s inception, more than 750 Awards have been given to recipients, totaling nearly $10 million.

The 2012 Princess Grace Awards winners represent 24 colleges, universities, and not-for-profit theater and dance companies throughout the United States. The Awards winners exemplify both classical and experimental artistic disciplines and, while still considered emerging talent, already show exceptional promise in their areas of expertise.

The Foundation’s support assists their theater and dance studies, helps pay their artistic fees at non-profit theater and dance companies and helps support their thesis film projects. In addition to the Awards, the Princess Grace Foundation-USA extends general operating monies to companies hosting an Awards winner.

2012 marks the launch of the Princess Grace JustFilms Awards with the generous support of the Ford Foundation. These Awards assist social justice documentary filmmakers whose projects focus on South and Southeast Asian communities.”